Some bank brokerages offer a bonus to encourage investors to open a new account at their institution. For example, BMO InvestorLine will deposit a cash bonus into the InvestorLine account of an existing customer who convinces a friend or relative to open a new account with a certain minimum balance and keep that minimum for a specified period of time. They also pay a bonus into the account of that new customer. I wondered if CIBC offers this type of referral bonus for new accounts so I asked.
Unfortunately CIBC Investor’s Edge Does Not Offer a Referral Bonus (Yet!)
This is the reply I received from CIBC Investor’s Edge on February 22, 2013:
“At this time, there is no cash incentive program such as you describe for referrals. We appreciate your business and I am sorry that we do not offer this program at present. If you need further assistance, please don’t hesitate to….call our Contact Centre at 1-800-567-3343 (Monday to Friday, 8 am to 8 pm ET).”
New programs can be launched at any time, though, so it’s always worth checking again before opening a new account!
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Does your brokerage offer a referral bonus for helping them to find new customers? Please share your experiences with a comment.